Saturday, September 22, 2018Canada's Leading Online Business Magazine

Orbite provides a corporate update

MONTRÉAL, QUÉBEC–(Marketwired – Feb. 27, 2018) - Orbite Technologies Inc. (“Orbite” or the “Company”) (NEX:ORT.H)today provided an additional update on its efforts to emerge from insolvency protection for the benefit of all of its stakeholders.

Extension of the maturity date of the DIP Financing

On August 2, 2017, the Company announced that the Quebec Superior Court (the “CCAA Court”) approved a $6.8 million Debtor-in-possession (“DIP”) financing entered into with Computershare Trust Company of Canada in its capacity as trustee for the holders of the 2015 ITC Debentures (the “Lender”). The DIP financing provided namely for a maturity date of February 23, 2018.

The Company entered into an amendment agreement with the Lender to extend the maturity date of the DIP financing from February 23, 2018 to April 15, 2018. The other terms and conditions of the DIP financing remain in force unamended.

Please refer to the press release of August 2, 2017 for more information on the DIP financing and use of funds.

Motion filed against insurer to receive indemnification payment is denied

On November 16, 2017, the Company announced it had filed a motion against its insurer Royal Sun Alliance for the payment of approximately $23.3 million to recover the costs associated with repairing the heating element system of the calcination equipment and the fixed costs incurred during the downtime experienced. The court has rendered a decision on February 23, 2017 which denies the motion filed by Orbite.

Orbite is not in agreement with the decision and is currently reviewing its options with its legal counsels. The Company will provide updates in due course.

About Orbite

Orbite Technologies Inc. is a Canadian cleantech company whose innovative and proprietary processes are expected to produce alumina and other high-value products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, and in a sustainable fashion, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud, fly ash as well as serpentine residues from chrysotile processing sites. Orbite is currently in the process of finalizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. The Company’s portfolio contains 15 intellectual property families, including 44 patents and 33 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, Japan and Russia. The Company also operates a state of the art technology development center in Laval, Québec, where its technologies are developed and validated.

Forward-looking statements

Certain information contained in this document may include “forward-looking information”. Without limiting the foregoing, the information and any forward-looking information include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as “may”,” confident”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management’s good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. Risks, uncertainties and other factors that could affect anticipated results and future events also include, but are not limited to, those described in the section of the Management’s Discussion and Analysis (MD&A) entitled “Risk and Uncertainties” as filed on November 28, 2017 on SEDAR, as well as those under the headings “Going Concerns”, Commercial Operation of HPA Plant”, “We will need to raise capital to continue our growth” and “Development Goals and Time Frames” described in the MD&A filed on March 31, 2017.

The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.

Orbite Technologies Inc.
Yves Noel, VP Business Development
514 744-6264
info@orbitetech.com

Media enquiries:
TACT Intelligence-conseil
Francois Ducharme, General Manager Quebec City Office
418 529-3223
Fducharme@tactconseil.ca

Recommended
CBJ March 2018CBJ Feb 2018